Here are some potential entry areas
But manage your short positions now
I relatively recently updated the copper futures charts as requested by a subscriber. At that time, my view was that copper was moving down in the last leg of wave (a) down from the high from late last year. I now think that (a) may be complete and ready to embark on a few months of choppy retrace up. Below you will find monthly and weekly copper futures charts and also monthly and weekly charts of a copper mining ETF (COPX).
By request, refreshing the copper analysis. Copper has been falling in line with the forecast from late last year. I think this is probably the first move down in wave [b] or [ii].
In the big picture, either a high is being set soon that results in a significant retrace lower or gold will make a run for mid 1400’s if not 1500. Gold has mostly been range bound for the most part of last year and as such I don’t see that as terribly bullish. USD has been weak the last year against most crosses and this is the best gold can do?
Right now the bearish case looks best
Catching this decline and bounce in stocks might be easier than trading the metal itself.
The wave count that I last had on the big picture in gold just didn’t sit well with me and have put some thought into it over the weekend. The overall main and alternate ideas in general are the same, it is more of just a technical wave counting issue.
A sizable correction is due
I went ahead and did the copper analysis for the respective ETN. I’ve added some additional chart geometry and the Wave 59 9-5 study to the monthly chart but otherwise the story is the same as for copper futures.